A public infra EPC player with a Rs 1,235.90 crore order book has hit the market with a Rs 251.88 crore mainboard issue
Technocraft Ventures Ltd. (TVL), an EPC contractor working on water, wastewater, roads, transmission and urban infrastructure projects, is open for subscription.
Technocraft Ventures Ltd. (TVL) is a public infrastructure EPC (Engineering, Procurement and Construction) player that builds and maintains a broad set of public utilities. Its work spans water supply schemes, sewerage and wastewater treatment plants, transmission mains, reservoirs, trenchless and micro-tunnelling works, roads and highways, electrical transmission, urban infrastructure (including residential building projects), and long-term operations and maintenance of public utilities.
Its customers are almost entirely government — state agencies, public works departments, urban local bodies and other public bodies. Contracts are won through tender, which is standard for the segment. The company operates through dedicated site teams that are set up around the nature and geography of each project.
TVL was incorporated in 1998 and started off in Uttar Pradesh with residential and road construction — planned housing colonies, sector-level layouts, and road widening under PWD and National Highways programmes. That base has grown into a much broader public utility infrastructure practice.
The company has executed projects under several central and state schemes — AMRUT, JNNURM, UIDSST, Namami Gange, Jal Jeevan Mission and PMGSY. It has also worked on Asian Development Bank-funded projects, which come with tighter technical and environmental standards. Its geographic footprint covers Uttar Pradesh, Uttarakhand, Rajasthan and Delhi, with recent expansion into Madhya Pradesh, Bihar and Odisha.
Not just a business
What sets TVL apart in a crowded EPC market is its in-house capability across civil design, construction, mechanical and electrical integration, and commissioning. The company also offers O&M services across its wastewater, sewerage and road projects — a full lifecycle model rather than a build-and-exit approach.
As of May 31, 2026, TVL had 170 full-time payroll employees, with contract workers deployed through sub-contractors as required. As of March 31, 2026, the order book stood at Rs 1,235.90 crore across 18 projects — around 3.5x FY26 revenues, giving strong forward visibility.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | August 7, 2026 |
| Issue Closes | August 11, 2026 |
| Listing | BSE, NSE (Mainboard) |
| Price Band | Rs 200 – Rs 212 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 251.88 crore |
| Fresh Issue | Rs 201.51 crore (95,05,000 shares) |
| OFS | Rs 50.37 crore (23,76,000 shares) |
| Lot Size | 70 shares (multiples thereafter) |
| Min. Retail Investment | Rs 14,840 |
| Post-IPO Market Cap | Rs 839.65 crore |
| IPO Constitutes | 30.00% of post-IPO equity |
| BRLM | Khambatta Securities Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Syndicate Member | Prabhat Financial Services Ltd. |
From the fresh proceeds, Rs 150 crore is earmarked for incremental working capital, with the balance going to general corporate purposes.
Post-IPO, paid-up equity moves from Rs 30.10 crore to Rs 39.61 crore. The promoter and selling stakeholder average cost of acquisition is Rs NIL, Rs 0.93 and Rs 2.50 per share, reflecting an earlier par-value issuance and a 3-for-1 bonus issue in May 2025.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 227.30 | 281.00 | 347.00 |
| PAT | 19.05 | 28.20 | 43.32 |
| PAT Margin | 8.43% | 10.09% | 12.56% |
| RoCE | 19.77% | 23.05% | 27.72% |
Revenue has grown from Rs 227.30 crore in FY24 to Rs 347.00 crore in FY26 — a steady climb, driven by execution of the larger project pipeline and the expansion into new states.
The bottom line has moved faster than the top line. PAT has more than doubled from Rs 19.05 crore in FY24 to Rs 43.32 crore in FY26. PAT margin has stepped up from 8.43% to 12.56%, and RoCE has climbed from 19.77% to 27.72% — reflecting better project mix and higher-margin water and wastewater work.
Average EPS over three years is Rs 11.37 and average RoNW is 24.55%. At the upper band of Rs 212, the P/E works out to 19.38x on FY26 earnings and 29.78x on FY25 — a wide gap that shows how much the valuation relies on FY26 earnings holding up. The issue is priced at a P/BV of 3.91 on pre-IPO NAV and 2.30 on post-IPO NAV of Rs 92.13 per share.
Listed peers EMS Ltd., VA Tech Wabag, Enviro Infra and Denta Water trade at P/E multiples of 25.1, 32.4, 20.8 and 15.8 respectively (as of August 4, 2026) — though the offer document notes these are not strict apples-to-apples comparisons.
According to a note by Anand Rathi Research, “the company is valued at a P/E of 19.4x based on its FY26 annualized EPS of Rs 14.39, implying a post-issue market capitalization of approximately Rs 8,397 million.” The report adds that TVL’s “diversified order book, expanding geographical presence and integrated EPC capabilities provide visibility for long-term growth,” while noting that relative to listed peers, “the IPO appears fairly valued.”
Risks to Consider
Government-heavy revenue is a two-sided risk. On one hand, project pipelines are long and visibility is strong. On the other hand, payment cycles from state agencies can stretch, tender policy can shift, and budgetary changes at the state level can slow project awards — which is exactly why the company is raising Rs 150 crore for working capital.
Geographic concentration in Northern and Central India means a single state slowing its capex programme could hit order flow, though the recent push into MP, Bihar and Odisha helps diversify.
The EPC space is competitive and fragmented, with pricing tightly bid in tender processes. Any input cost inflation — cement, steel, labour — that isn’t passed through can compress margins.
The grey market has shown steady but moderate interest in the issue. Technocraft Ventures IPO GMP made a high of Rs 17 on 7 August, and a low of Rs 10 on 4 August. Do note that GMP is an unofficial and unregulated indicator, and changes quickly with market sentiment — it should not be the basis of an application decision.
Overall, Technocraft Ventures has posted steady growth in both its top and bottom lines, and the Rs 1,235.90 crore order book across 18 projects gives strong near-term visibility. Its diversified capability — water, wastewater, roads, transmission, urban infra and O&M — is a genuine differentiator in a segment where most players stick to one or two verticals.
Priced at 19.38x FY26 and 29.78x FY25, the issue looks aggressively valued on any measure other than the most recent year, but the peer P/E range provides some cover. Anand Rathi Research views the IPO as fairly valued and highlights the visibility from the order book and expanding geographical footprint. The report recommends “subscribe long-term.”